• The greenback has struggled amid concerns about the Trump administration's preference for a weak dollar. It posted its worst January in percentage terms in 30 years. So far this week, the trend continues to be lower. The dollar was down 2.3 percent against the yen this week, on track for its worst weekly performance since late July.
That cautious outlook kept the dollar was marginally softer at 112.55 yen JPY= having lost 2.3 percent last week in its worst weekly performance since late July.
The euro was a fraction firmer at $1.0782 EUR= while the dollar dipped against a basket of currencies to 95.720 .DXY.
• Mohamed El-Erian, Allianz SE’s chief economic adviser, said lackluster wage growth in the U.S. may prompt the Federal Reserve to pause before raising interest rates again, while adding pressure on lawmakers to make sure that more Americans benefit from economic expansion.
The figure on pay is “disappointing,” El-Erian said Friday in an interview on Bloomberg Television. “This will make the Fed less likely to hike in March,” he added. “It puts even more focus on structural measures to enhance wage growth.”
The U.S. added 227,000 jobs in January, according to a Labor Department report Friday, beating the median forecast of 180,000 in a Bloomberg survey of economists. And the unemployment rate rose to 4.8 percent, indicating more Americans are coming back into the labor market to look for jobs. However, worker pay edged up just 0.1 percent in the month.
The Federal Reserve gave little little indication earlier this week on when it might tighten monetary policy, after leaving rates unchanged. Policy makers in December said they expect to hike rates three times in 2017.
• Oil prices gave up much of their gains after jumping on Friday as the United States imposed sanctions on some Iranian individuals and entities, days after the White House put Tehran "on notice" over a ballistic missile test. Under the sanctions, announced by the U.S. Treasury, 13 individuals and 12 entities cannot access the U.S. financial system or deal with U.S. companies.
Front month U.S. West Texas Intermediate crude futures settled 29 cents higher at $53.83 a barrel. For the week, the contract was up about 1 percent.
Brent crude futures were up 24 cents at $56.80 a barrel by 2:34 p.m. ET (1934 GMT). Brent was on track to gain about 2 percent on the week, its first significant weekly rise this year.
• President Donald Trump is prepared to deprive the State of California of federal funding if it votes to become a sanctuary state, he said in a Fox News interview.
Reference: Reuters, CNBC, Bloomberg
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